16th Dec 2015 11:24
LONDON (Alliance News) - Watchstone Group PLC, formerly known as Quindell PLC, said that the High Court of Justice in England and Wales has approved its planned capital reduction and return of capital to shareholders Wednesday.
Shares in the company will remain temporarily suspended until next Monday, at which point the share consolidation will take place.
The group is planning to return 90.00 pence per share, or GBP414.0 million in total, from the sale of its professional services arm to Australian law firm Slater & Gordon.
The move comes after the company on Monday said it had received a letter from an unnamed law firm representing hundreds of claimants stating it plans to commence action against the company under the Financial Services and Markets Act 2000.
Watchstone said it will "vigorously defend all claims" made against the company, but said the potential claims could amount up to GBP9.4 million. The law firm which has sent the letter is representing a total of 342 claimants, it said.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
WTG.L